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Banco Espírito Santo’s hopes of raising capital without taking state aid
suffered a blow as investors took fright at its €3.6 billion losses and
revelations of potential illegal activity.

Shares in Portugal’s largest listed bank plummeted to an all-time low within
five minutes of trading resuming in Lisbon yesterday. They closed 42 per
cent lower at 20 cents.

The shares had been suspended on Wednesday to give investors time to digest
details of the interim loss that will force the bank to raise capital and
the suspension of officials over suspected “harmful management”.